PRESIDENT Muhammadu Buhari has launched the long awaited eNaira platform.
The platform was launched at an event held on Monday at the State House in Abuja, with the Vice President, Yemi Osinbajo; governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries present.
During the launch, President Buhari said the adoption of new CBN digital currency is estimated to increase Nigeria’s GDP by $29 billion over the next 10 years.
“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens,” Buhari said at the event.
Other countries like China, Bahamas, and Cambodia have also launched digital currencies.
The long anticipated digital currency, eNaira, is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every stratum of society.
The CBN Governor, Godwin Emefiele, described it as the first in Africa and one of the earliest around the world.
“Mr President, today you make history, yet again, with the launch of the eNaira – the first in Africa and one of the earliest around the world,” Emefiele said.
“Mr. President, as you make groundbreaking reforms, there has been continuing debate on the true value of the Naira.
“Rather than worry today on the direction of the exchange rate, let us take a step back and analyse how we got here in the first place.”
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.
“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments,” the statement read in part.
The new payment system, which has taken four years to crystallise, will drive financial inclusion, serve as a backbone for electronic payment in Nigeria and also enable the movement of more people from the informal to the formal sector, hence scaling up the tax base of the country.
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